but this is a good time to exert economic rusher on russia -- to exert economic pressure on russia. >> are they strong enough to do that? >> the worst estimates right now , maybe a 4% contraction. even if the russian economy shrank by 9%, it would still have a very small effect on the core european economy. there is interdependence here. it is russia that will feel much more pain than germany. in that sense, the west still has some real cards to play. >> do they have the guts to play them? >> that's an excellent question. >> by renouncing the use of military force, i think the president has undermined his own diplomacy. sanctions are a powerful weapon but russia is a lot bigger than russia -- then i ran -- is a lot bigger than iran. >> there is an institutional malaise, governments are too large and spend too much money. there are people who disagree with you. in your opinion, who is the most dangerous economic thinker writing today? >> i'm going to be extremely careful about answering that. >> you've never been extremely careful to date, why start now? are you kidding me? >> it is im